Mustafa Elias, Turkey’s Minister of Economy and Deputy Chairman of the AK Party Group, is said to have met with members of the Turkish Shiba Inu ($SHIB) community to discuss the country’s adoption of the meme-inspired cryptocurrency.
Turkey’s Minister of Economy had a face-to-face encounter with a Turkish member of the community, according to a tweet shared by the country’s SHIB group, which was afterward hailed by Shiba Inu’s main developer Shytoshi Kusama.
The meeting took place immediately after the meme-inspired cryptocurrency eclipsed the FTX exchange’s native cryptocurrency, $FTT, as the second-biggest holding in the largest Ethereum whales’ portfolios, trailing only $ETH.
Ethereum whales have been stocking up on SHIB, according to CryptoGlobe, as plans to destroy the meme-inspired cryptocurrency’s supply through multiple initiatives have grown.
SHIB Adoption Growing In Turkey
In a tweet, Steven Cooper, CEO of bitcoin entertainment company Bigger Entertainment, emphasized that the company is trying to help the meme-inspired cryptocurrency community by destroying 10% of its supply.
Only 59 percent of Shiba Inu’s initial supply was left in circulation at the time of writing, with over 410 trillion SHIB burned since the cryptocurrency’s debut.
Turkey’s SHIB adoption has been growing over time as the value of the country’s fiat currency, the lira, drops. Over the last 12 months, the currency has lost nearly half of its value against the U.S. dollar, while over the last five years it lost over 75% of its value.
While Bitcoin has long been the preferred digital store-of-value asset for countries in similar situations, $SHIB and $USDT have apparently become popular alternatives.
According to statistics from CryptoCompare. Only the main stablecoins USDT and BUSD, as well as the US dollar, account for more than 5% of SHIB’s global trading volume.
The meme-inspired cryptocurrency was just introduced to Wirex, a leading digital payments platform with over 4.5 million users who can spend dozens of currencies at over 80 million places across the world.